A Primer to Competitive Electricity Markets: Smart Markets for a Smart Grid

Speaker/Performer: Shmuel Oren, UC Berkeley Sponsor: CITRIS (Ctr for Info Technology Research in the Interest of Society) Part of the Spring 2011 i4Energy Seminar Series. Live broadcast at mms://media.citris.berkeley.edu/webcast. Questions can be sent via Yahoo IM to username: citrisevents. All talks may be viewed on our YouTube channel The schedule for the spring i4energy series is at http://www.citris-uc.org/events/i4ene.... Webviewing at UC Davis: 2022 Academic Surge Building Webviewing at UC Merced: SE1 100 Webviewing at UC Santa Cruz: SOE E2 Building, Room 506 Abstract: About 70% of electric energy consumed in the US is being supplied through regional transmission organizations managed by nonprofit independent system operators (ISO) regulated by the Federal Energy Regulatory Commission (FERC). The ISOs control the transmission grid and operate wholesale electricity markets through which energy, ancillary services and transmission rights are being procured. These markets are auction-based "smart markets" where procurement quantities and clearing prices are being determined by sophisticated optimization algorithms. This talk will provide an overview of the underlying methodology and scope of these markets and the risk management implications for market participants. I will also discuss the emerging challenges and opportunities for such markets presented by renewables penetration and the proliferation of smart grid technologies.